1. Oil & Gas

2. Ownership in Place
1. Not owned until extracted.

3. Ownership in Place 2. Ownership in Place
Even though oil and gas could be lost if it flows beneath other land.

4. Ownership in Place
3. Owned by Government

5. Basic Process Owner of property lacks financing.
Owner leases property to oil company (or grants easements with a profit).
Bonus = Owner paid to enter into lease.
Royalty = Percentage of what produced.
Government regulation to prevent abuses
Well spacing regulations
Well production regulations
Slant drilling often prohibited